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Almost everyone knows 3M or its products. The109-years old company is a diversifiedtechnology giant with major brands like Post-ItNotes and Scotch Tape on its roster as wellas innovative products like multi-layer opticalfilms that go into LCDs.One of 30 companiesthat make up the Dow Jones Industrial Average.
Minnesota Mining & Manufacturing Company
Foundedin 1902
$ 27B Company
Operationsin more than65 Countries
Launched over55000 products
80,000 employees globally
Profile
In 2002,3M celebrated its first Century of Innovation",
recognizing the companys remarkable success, whichis rooted in its ability to create new-to-the world
products.
3Ms formula for growth
Recruiting the right people
Right Working environmentTo let them do their things
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TIMELINE
1902-
Founded inTwo
Harbors,MN.
1916 - 3Mpaid firstdividend of 6cents a
share.
The world's 1st
waterproofsandpaper
developed
TheAdhesivesDivision was
established.
Invested5% of itssales inR & D
Introduces Thermo-Fax copyingprocess,Scotchgard,
videotape, Scotch-Brite Cleaning Pads
Dry-silver microfilmintroduced alongwith photographicproducts
Pharmaceuticals,radiology andenergy controlexpand.
IntroducesPost-it
Notes.
Salesreach $15billion
mark
2004 - Sales top$20 billion. opticalfilms for LCDtelevisions enterthe market.
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"To the outside world, what we do looks a little like magic. We create entirely new product categories andbreathe new life into markets crying for reinvention. Its been called 'the 3M effect.' Harnessing innovation foryour benefit- thats the practical magic behind 3Ms success."
- George W. Buckley, Chairman, President and CEO
Organized into Six Business segments:-
Consumer and office
Business
Display and Graphics Business
Electro andCommunicationsBusiness
Health Care Business
Industrial andTransportationBusiness
Safety, Security and ProtectionServices Business
IN-NO-VA-TION : A new idea, method or device
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William L. McKnight
(1907-1966)- Encouraged its
employees to take theinitiative and come withnew ideas.
Carlton,Okie & Drew(early 1920s)- Set the tone of
innovation at 3M.Thecompanys famous 15 %rule resulted.
James McNerney Jr.(2000)- Preserved the culture of
innovation.
- Fostered leadershipqualities amongemployees.
Fostering the Culture of innovation
RECRUITING AND RETAINING TALENT
CREATING A CHALLENGING ENVIRONMENT
KNOWLEDGE SHARING
REWARDING INNOVATION
KEY FACTORS:
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Mechanism Stimulating innovation
M HANISM D S I TI N FF T
15 % Rule15 % of an employee's time to be devoted to pursueindependent research,irrespective of their official
project.
Development ofmany innovative
products.
Genesis GrantsAround $50,000 financial support for research for
developing prototypes and conducting market tests.
Stimulated
entrepreneurship.
Own BusinessOpportunities
Opportunity to run projects depending on the sales. Stimulated internalentrepreneurship.
Dual Ladder
Enabled technical employees to move up the career
path without compromissing their
research/professional interests.
Equal advancement
opportunities.
Technical ForumsOpportunity to present their technical papers and
exchange ideas with others.
Stimulated cross
fertilization of ideas
and technology.
New Product Forums Enabled all divisions to discuss new ideasGeneration of ideas
across all divisions.
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Initiatives launched by Mcnerney
Global Sourcing
Indirect Cost Reduction
E-productivity
Six Sigma Initiative
3M Acceleration
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Pillars of innovation platform
Shared customers, channels and Brands
Shared Manufacturing
Shared Global Infrastructure.
Shared Cultural Innovation
Values,Practices,Processes and
Toolkits.
Shared world-class Technology.
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Act without compromising honesty and integrity.
Satisfy customers with innovative technology and
superior quality, value and service.
Provide investors an attractive return throughsustainable, global growth.
Respect social and physical environment around the world.
Value and develop the employees' diverse talents,
initiative and leadership.
Earn the admiration of all those associated
with 3M worldwide.
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Conclusion
Innovation is a core competencyat 3M and is at the heart of thecompanys culture.
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ARUN
GANESH
GULSHAN
PRANALI
MAYUR
RUPESH
VEENA
VIKAS